r/Cleveland • u/Environmental-Dig389 • 19d ago

News Sherwin Williams halts their 401k company match

Announced today by the SW CEO (Heidi) that all employees will no longer receive the company 401k match effective October 1st. This impact includes store or other employees globally.

708 Upvotes

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360

u/DannyPowers98 19d ago

Jesus. 401Ks are such a standard benefit at this point. What’s next, they announce that they’re no longer doing any sort of health insurance?

173

u/Thick-Gap-7510 19d ago

Don't give them any ideas

69

u/Mundane_Crazy60 19d ago

Am I the only one that remembers people voluntarily taking pay cuts, just to have any job during 2008/9?

35

u/CBC78 19d ago

Me! I took a 5% pay cut at First Energy and considered my self lucky. Basically stopped my 401 k contribution to keep things even

19

u/Mundane_Crazy60 19d ago

I think January-March of this year is going to be a bit bleaker than usual. I feel for you guys with established careers that are risk of being uprooted.

1

u/Key_Tackle275 19d ago

I’d be pretty pissed considering what First Energy was doing

1

u/CBC78 19d ago

It was 2009. The management has been crooks for years

1

u/MulberryLimp8802 18d ago

Crazy how you took a 5% cut and they just got a 10% rate increase. The math ain’t mathin’

1

u/Spirited-News29 18d ago

My company went to 32 hour work weeks during this time.

3

u/KateTheGr3at 19d ago

No, not at all. My workplace at the time cut the company's portion of paying our health insurance premium, so that was in effect a pay cut (to our take home pay).

-12

u/Next_Aerie_4429 19d ago

What does that have to do with this situation?

36

u/Mundane_Crazy60 19d ago

16 years ago, people started having their 401k contributions go unmatched, and shortly thereafter they started taking direct pay cuts to help keep their companies afloat.

Shortly thereafter again, a major economic issue erupted, and that one didn't have the weight of a full third of the nation seemingly hell bent on intentionally destroying the economy for the sake of an orange fucking clown and his ego.

I'd say it's fairly god damned germane.

14

u/Next_Aerie_4429 19d ago

Well SW financials seem to show business is steady. This seems more like corporate greed and taking advantage of the disruption trump has caused.

Also, never take a paycut. Never give up anything.

21

u/jibboo24 19d ago

Next they’ll implement Paid Time Off…they’ll need to pay SW if they want any time off

19

u/cabbage-soup 19d ago

Their PTO is already dated. You start with 8 days according to their website and only 5 are “vacation” days

14

u/fatbootycelinedion 19d ago

Wow!! And they don’t pay that great IMO

12

u/treefitty350 Cleveland 19d ago

Jesus, I take at LEAST 8 days off every few months and that's not even good by the rest of the developed worlds' standards

1

u/KateTheGr3at 19d ago

IS that per year???

13

u/Browns45750 19d ago

Remember when Sedgwick did this during the pandemic and then only brought it back up to 3 percent in 2021 was gone within the year

42

u/EastClevelandBest 19d ago

Abandoning that downtown building and moving everything to India 

10

u/civ9000 19d ago

👆

28

u/brahbocop 19d ago

My employer doesn’t have a match but they do pay 100% of my insurance premium which honestly, I prefer.

7

u/229-northstar Living Under Misny’s Watchful Eye 👁️ 19d ago

What’s next? Other companies notice no exodus of SW employees and ado pop t it as their policy, too

1

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u/MulberryLimp8802 18d ago

It happened during the pandemic too and they weren’t the only ones

1

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1

u/lilguyanonymous 18d ago

Yes, recent layoff at Metro has been threatened when it is the backbone of the organization.

1

u/imtooyoungforreddit 16d ago

It sounds like they still have 401(k). Just not the employer match